Fisker Inc. has completed its business combination with Spartan Energy Acquisition Corp., a special purpose acquisition company. Its share have now begun trading on the New York Stock Exchange under the ticker symbols ‘FSR’ and ‘FSR WS’ on Friday, 30th October.
As a result of the completion of the transaction, Fisker expects to have in excess of $1.0 billion on the balance sheet and no funded debt. This amount is expected to fully fund Fisker operations and the development of the Fisker Ocean program through the planned start of production in Q4 2022.
Fisker Chairman and Chief Executive Officer, Henrik Fisker, says: “All the external pieces are now in place to execute our unique, asset-light business strategy, with today’s funding and the strategic cooperation announced with Magna on Oct. 15. We can now fully turn our attention to developing and launching the revolutionary, all-electric Fisker Ocean into the heart of the midsize SUV market, expected to commence in Q4 2022. We appreciate the confidence from all our shareholders and intend to deliver on our stated goals.”
Fisker has received approximately 9,000 paid reservations for the Ocean as of Oct. 29, 2020. It plans to increase organic marketing activities over the course of 2021, which the company expects to result in the continued increase to the order backlog.